NMDC, Severstal sign protocol for plant in State

Severstal and NMDC executives discussed progress in establishing their joint project in Karnataka. Both companies signed an Implementation Protocol in the presence of Minister of Steel Beni Prasad Verma, elaborating upon the Memorandum of Understanding dated December 2010.

The Implementation Protocol defines the target initial plant capacity which would be 3 mn tonnes finished steel. It also confirms the intention of NMDC and Severstal to fully meet the joint venture’s captive requirements of both iron ore and coking coal so that it becomes fully integrated for these primary raw materials.

Until the captive assets are fully developed, NMDC and Severstal take the responsibilities to supply, respectively, iron ore and coking coal to the joint venture at market basis from their existing assets or alternative sources. 
NMDC Limited Chairman and Managing Director Rana Som confirmed that NMDC is working towards realising its dream to make the project not only financially strong but also socially meaningful and economically relevant to meet the needs of India.

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